摘要
信用评级机构虚高评级以及频繁下调主权评级等行为造成并加剧了金融市场动荡,各国政府以及实务界要求加强信用评级监管。美国明确了SEC对信用评级的监管责任,要求促进信用评级业的竞争,并认为评级机构应当适用于与审计师类似的法律责任和公共监管。欧盟对信用评级的监管也由"遵守或解释"模式转向行政监督。我国需要优化配置政府监管与评级机构对金融市场风险的监管权力界限,发挥各自监管优势,利用信用评级降低信用违约发生的概率,防止金融网络传播或放大信用风险;避免法规对信用评级的援引,激励大型金融机构发挥其在风险管理中的判断能力;加强对结构性金融产品基础资产信用风险和具体契约特征相关风险评级监管;探索利用"双评级"、投资者付费等模式以及评级机构声誉机制等提高信用评级的准确性,促进我国信用评级业的发展。
The behaviors of endorsing unrealistically high rating and frequently lowering sovereign rating exacerbate turmoil in financial market. Governments and financial practitioners strongly urge to strengthen the regulation on credit rating industry. United States has defined SEC as the regulatory institution and advanced competition among credit rating industry. It also argues that credit rating agencies should be regulated in a way similar to that of auditors in terms of legal responsibilities and public supervision. The European Union has also transferred from ＂comply or explain＂ to mandatory registration and administrative supervision. In China, we should first optimize the of regulatory power allocation between government supervision and credit rating agencies in order to exert their advantages, and utilize the credit rating and government regulation to lower the default probability and curb risk contagion or risk amplification in the financial network. Second, we should avoid quoting credit rating in law and encourage financial intermediaries to manage risk based on their own judgments. Third, we should strength the regulation on credit risk of underlying assets of the structural financial products. Finally, we should explore the Dual Rating Model and Investors Pay Model, and the reputation mechanism of credit rating agencies to advance the accuracy of credit rating accuracy and the development of credit rating industry in China.
出处
《金融监管研究》
2013年第4期58-77,共20页
Financial Regulation Research
基金
国家自然科学基金项目“基于金融契约及机制设计的中国金融衍生品交易市场自律监管的研究”(编号:71173166)
陕西省软科学项目“政府资助研发活动政策实施效果评价与改进研究”(项目编号:2012KRM10)资助
关键词
信用评级
国家认可的统计评级机构
公平披露法规
投资者付费
平等准入
Credit Rating
Nationally Recognized Statistical Rating Organization （NRSRO）
Regulation Fair Disclosure
Investors Pay
Equal Access
